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JD.com, China Resources Land Consortium Bags HK$1.03 Billion Northern Metropolis Contract in Hong Kong

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A joint venture comprising six companies won the tender for the Hung Shui Kiu/Hia Tsuen development project in Hong Kong's Northern Metropolis with a bid of HK$1.03 billion, the Hong Kong Development Bureau said Monday.

The six companies are subsidiaries of China Overseas Land & Investment (HKG:0688), China Merchants Land (HKG:0978), China Resources Land (HKG:1109), China Tourism Group, JD.com (HKG:9618), and Sino Land (HKG:0083).

The consortium, operating as Hung Shui Kiu New Development, plans to invest approximately HK$16.8 billion in the nearly 11-hectare project, which is expected to create over 6,000 jobs.

The project involves levelling three residential sites for roughly 3,000 units and building a JD.com-led smart logistics center, which is expected to open within 55 months, faster than the 99-month minimum requirement.

The winning bidder will also level additional government sites and return them to the government by 2028, with recreational facilities to follow by 2033.

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